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XRP The XRP Ledger Lending Agreement is about to be activated, providing unsecured loans and focusing on institutional business
The planned Lending Agreement specifically designed for XRP Ledger (XRPL) will reshape the decentralized finance (DeFi) landscape in an innovative way. The agreement allows assets held in a single asset vault to fund term loans, allowing XRPs, stablecoins, or tokenized assets that are otherwise idle to function as deployable credit resources in the network.
Transition from a collateral-dependent DeFi lending model
Unlike most decentralized financial systems that require borrowers to pledge crypto assets as collateral (which will be automatically cleared if conditions are not met), the new system proposed by XRPL incorporates elements of traditional private credit. The platform combines on-chain lending with off-chain credit evaluation, drawing on models used in the traditional financial industry.
Deposit pools known as "Single Asset Vaults" bring together capital from different users. Each depositor will receive a treasury share that represents his or her share in the asset pool. Loan brokers then deploy this capital through loans issued by XRPL.
The agreement supports unsecured fixed-term loans, where the borrower's credit status and risk assessment are conducted outside of the blockchain. Once the loan is approved, repayment terms and accounting details will be tracked on the XRPL books. Loan brokers can absorb potential default losses by providing so-called "first-loss capital."
Noun explanation: first loss capital 是指由贷款人、中介机构或第三方提供的资金，用于在贷款违约情况下吸收初始损失。这种设置为参与池子的其他投资者提供了更高的保护，并降低了非首损资本供应者的整体风险敞口。
这一协议使XRPL向机构级信贷模式迈进，最大限度地减少了对加密抵押品的依赖，并强调了通常在私人信贷市场中发现的风险评估机制。
主网激活状态
目前，XRPL主网上的原生借贷功能尚未正式上线。截至10月5日，“SingleAssetVault”提案已获得了29个所需验证者批准中的19个，总共有35个受信任的验证者。最初的“LendingProtocol”提案获得了17票，而最近的一项修正案“LendingProtocolV1_1”获得了13个批准。
“LendingProtocolV1_1”升级将引入封闭式金库，定义特定的认购、投资和赎回窗口。它还采用了权责发生制会计方法，确保仅在支付发生时确认利息收入，从而反映出更为保守和透明的收益确认方式。
These technical enhancements build on previous software versions of XRPL and are designed to prepare the main network to provide a stronger and more adaptable lending solution after it is fully activated.
Expand XRPL's credit and DeFi application scenarios
If the protocol receives sufficient validator support and is successfully launched, it may attract large amounts of capital to the XRPL ecosystem. The system is designed to be compatible with XRP, various issued tokens, and Multi-Purpose Tokens, providing holders with new opportunities to put idle assets into the credit market.
Ripple, the company behind XRPL, has begun testing a model to lock in XRP as collateral for payment financing, which is expected to create new demand for the digital asset. In addition, projects supported by Ripple are advancing the development of the RLUSD credit market, and tokenized assets on XRPL have reached billions of dollars. This expansion provides planned lending agreements with a wider range of on-chain asset options, making them eligible to participate in lending activities.
As more assets are tokenized and credit infrastructure matures, XRPL's lending agreements are expected to provide new institutional lending opportunities.
